Courtesy Adaderana Delivering the Interim Budget Speech for 2022 in Parliament today (30), President Ranil Wickremesinghe stated that the government’s aim is to create a surplus in the primary budget by the year 2025.  Our effort is to stabilize the economic growth rate. Our aspiration is to establish a solid economic foundation by the year […]

Courtesy Adaderana President Ranil Wickremesinghe, in his interim budget speech, said an independent National Debt Management Agency (NDMA) would be established in the country. Speaking further, he said the government debt management-related activities are carried out by the Central Bank of Sri Lanka, External Resources Department, National Budget Department and the Treasury Operations Department at […]

Courtesy The Daily Mirror The US will support Sri Lanka through International Monetary Fund (IMF), if Sri Lanka could reach an agreement with the IMF, US Ambassador to Sri Lanka Julie Chung said. She said in a twitter post that the US will redouble its endeavours to support Sri Lanka through ongoing efforts such as […]

Courtesy The Daily Mirror Responding to Sri Lanka’s request for China to change its tune on debt relief, a spokesman for the Chinese embassy said the ball is in Sri Lanka’s court, not China’s. The spokesman told Daily Mirror China communicated to the Sri Lankan Finance Ministry three months ago about its readiness to discuss […]

Courtesy Adaderana Acting Secretary General of Parliament Ms. Kushani Rohanadheera has informed all Members of Parliament to participate for the special program conducted by the Governor of the Central Bank on Sri Lanka’s current economic situation and way forward.” Organized as per the instructions of the Speaker of Parliament Mahinda Yapa Abeywardena, this interactive discussion […]

Courtesy Adaderana Sri Lanka’s 2023 budget would aim to reduce the fiscal deficit to 6.8 per cent in 2023 from the projected 9.9 per cent in 2022, a senior Cabinet Minister said on Tuesday, ahead of the visit by the IMF delegation for a bailout package to the crisis-hit island nation. Sri Lanka is in […]

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, August 20: The US Ambassador to Sri Lanka Julie Chung is confident that Sri Lanka will recover from its present political and economic troubles, but she cautions that it will have to ensure political stability and take hard decisions in consonance with the IMF’s stipulations to bring about the desired […]

Courtesy The Island ‘Inflation will not be as high as initially expected’ Inflation will not be as high as initially expected and there are signs of economy stabilising, Central Bank Governor Dr. Nandalal Weerasinghe says.Dr. Weerasinghe said that during the past few months a number of initiatives had been made to improve the economy and […]

Courtesy The Daily Mirror Says IMF mission due in Colombo towards end of this month to reach staff-level agreement Stresses that no change in govt.’s position about not opting to restructure domestic debt  Reiterates that domestic debt restructuring will have detrimental effects on banks and it will delay economic recovery process Expects inflation to peak […]

Courtesy The Daily Star Workers carry a basket of watermelons at a wholesale vegetable and fruit market amid an ongoing economic crisis on the outskirts of Colombo. Sri Lanka defaulted on its $51 billion foreign debt in April and is seeking an International Monetary Fund bailout after months of food, fuel and medicine shortages. PHOTO: […]

Courtesy The Telegraph OnLine (India) The nation is in midst of an unprecedented economic crisis that has led to severe shortages of fuel and other essentials Sri Lanka’s forex situation has “improved” and the economy has started to see favourable results due to decisions made by the Central Bank to mitigate the country’s economic crisis, […]

Courtesy Adaderana The Governor of the Central Bank says that Sri Lanka’s negotiations with the International Monetary Fund (IMF) is making good progress and that an IMF delegation is expected to visit the island by the end of August to reach a staff-level agreement.  “IMF program is making a good progress. For example, IMF mission […]

Courtesy Adaderana (Reuters) – Sri Lanka will ask Japan to invite the Indian Ocean island’s main creditor nations, including China and India, to talks on bilateral debt restructuring, as it seeks a way out of its worst economic crisis in decades, its president said on Thursday. Someone needs to call in, invite the main creditor […]

නයන තරංග ගමගේ  උපුටා ගැන්ම  අරුණ පුවත් IMF වැඩසටහන සාර්ථක කරගැනීම වෙනුවෙන් ඉදිරිපත්ව ඇති ප්‍රධානම කොන්දේසි දෙකක්ම ඉටුකිරීමේදී ශ්‍රී ලංකාව විශාල අවධානමක IMF විසින් පෙන්වාදෙන සියලුම ණයහිමි රටවල් විසින් ශ්‍රී ලංකාව කෙරෙහි මේ මොහොතේ ‘ලිහිල් දැක්මක්’ පවත්වාගත යුතුය. දැන් චීනය අල්ලා ඇත්තේ එම නිලයෙනි ශ්‍රී ලංකාවේ විදේශ ප්‍රතිපත්තියේ සැලකියයුතු චංචලභාවයක් පැවැති, ගෙවීගිය මාස 07ක කාලයේදී ඉන්දියාවෙන් […]

Charith Gunawardena With the whole world watching the deteriorating political, economic and humanitarian situation unfolding in Sri Lanka, and while we pray for swift solutions to food, fuel and medical shortages, there is now an opportunity to reinvent how countries caught in post-Covid 19 debt traps recover from crippling debt and re-emerge as healthy, functioning […]

Courtesy The New Arab Sri Lanka’s president said on Saturday that an agreement with the International Monetary Fund (IMF) to help pull the bankrupt nation out of its economic crisis has been pushed back to September because of unrest over the past weeks. President Ranil Wickremesinghe, in his first speech since he was elected by parliament on 20 […]

Courtesy The Daily Mirror Earnings from merchandise exports reached US $ 1,208 million in June 2022 Key sectors contributing to improved export earnings include apparel, coconut and rubber  Grim export performance witnessed in tea and spices sectors US, UK and India emerge as largest markets for SL export basket Exports to all regions except CIS […]

Courtesy Adaderana The World Bank Group says it is deeply concerned about the dire economic situation and its impact on the people of Sri Lanka. In a statement, the global financial institution said it is repurposing resources under existing loans in our portfolio to help alleviate severe shortages of essential items such as medicines, cooking gas, […]

Courtesy Hiru News Earnings from the merchandise exports increased by 20 % y-o-y to US$ 1,208.2 Mn in June 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles, Rubber based products, Coconut based products, Food & Beverages and Seafood. Major product […]

Courtesy The Telegraph  Chinese projects have boosted country’s economic development, and brought tangible benefits to its people: Zhao Lijian. Chinese foreign ministry spokesperson Zhao Lijian. China on Thursday defended its massive infrastructure ventures and investments in Sri Lanka and said that they have boosted” its economic development, amid criticism from the US that Beijing’s unproductive […]

Courtesy Adaderana Sri Lanka hopes to conclude discussions with China soon” on a $4 billion aid package, the country’s ambassador to Beijing told Nikkei Asia. Ambassador Palitha Kohona said in an email that talks were progressing. We hope that these discussions could be concluded soon, as a positive outcome would definitely assist Sri Lanka to reestablish […]

Courtesy Adaderana Reuters) – The International Monetary Fund (IMF) said Sri Lanka should kick off debt restructuring talks with its bilateral lender China, while the island state’s government seeks a financing loan from the Washington-based fund. China is a big creditor, and Sri Lanka has to engage proactively with it on a debt restructuring,” Krishna […]

Courtesy Adaderana After helping Sri Lanka with an unprecedented assistance of around $4 billion since January as the country plunged into a deep economic crisis, India is now planning to invest heavily in newer sectors through both private and public firms there, Gopal Baglay, high commissioner of India to Sri Lanka, told ThePrint in an […]

Courtesy Lankanewsweb.net JUNE 16, 2022 Dr. Indrajith Coomaraswamy is building himself as an economic savior. He became CBSL Governor thanks to his school mate Malik Samarawickrama. He is certainly a gentleman economist. His knowledge of financial markets according to CBSL sources was very shallow. So he depended on his officials. During his tenure it is […]

Courtesy The Daily Mirror The International Monetary Fund (IMF) staff level agreement which was to come in August this year has been delayed because of the unrest caused by some protesters whose agitation later turned violent, a cabinet Minister said today. Minister of Labour and Foreign Employment Manusha Nanayakkara told a media briefing that the […]

Ravi Buddhavarapu Courtesy CNBC KEY POINTS The IMF cannot… interact with the government when things are in a continuing crisis mode. So until the government stabilizes, until they have a minister of finance, there’s no one for the IMF to talk with,” professor Deborah Brautigam told CNBC’s Squawk Box Asia” on Friday. The IMF will […]

Courtesy Adaderana The Central Intelligence Agency (CIA) chief has held China responsible for Sri Lanka’s economic collapse, saying Colombo’s dumb bets” on high-debt Chinese investment have led to the catastrophic outcomes. The Chinese have a lot of weight to throw around and they can make a very appealing case for their investments,” William Burns said […]

Benjamin Norton Courtesy https://towardfreedom.org/ Facing a deep economic crisis and bankruptcy, Sri Lanka was rocked by large protests this July, which led to the resignation of the government. Numerous Western political leaders and media outlets blamed this uprising on a supposed Chinese debt trap,” echoing a deceptive narrative that has been thoroughly debunked by mainstream academics. […]

Courtesy Adaderana Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe says he is confident that Sri Lanka can come out of this severe economic crisis within a period of 05 months. We have a clear program and a clear path,” he added. https://www.facebook.com/watch/?v=329050316110205&ref=external In an interview with CNN, the governor said […]

Courtesy Adaderana The International Monetary Fund hopes to complete rescue talks with Sri Lanka as quickly as possible,” Managing Director Kristalina Georgieva said on Wednesday, hours before the crisis-hit South Asian nation elected a new president. Speaking with Nikkei Asia in Tokyo, Georgieva said the fund was very deeply concerned about the well-being of the […]